29 Jun Kristen and Jeff are married
Question
Kristen and Jeff are married taxpayers who file a joint return. In 2012, they had AGI of $600,000 and their preliminary itemized deductions totaled $40,000. In 2013, they also had AGI of $600,000 and preliminary itemized deductions of $40,000. In 2012 and 2013 their itemized deductions include mortgage interest. Which of the following is TRUE?
a. When comparing their 2012 and 2013 returns, they will deduct more itemized deductions on their 2013 return
b. When comparing their 2012 and 2013 returns, they will deduct the same amount of itemized deductions on each return
c. When comparing their 2012 and 2013 returns, they will deduct more itemized deductions on their 2012 return
d. They will not deduct any itemized deductions on either their 2012 return or their 2013 return
Which of the following statements is TRUE?
a. Taxpayers usually prefer deductions FROM AGI to deductions FOR AGI
b. The U.S. government always “breaks-even” with regards to alimony payments (i.e., because the reduction in taxes for the spouse paying the alimony will always equal the increase in taxes for the spouse receiving the alimony)
c. A dependent’s earned income amount could never impact the size/amount of his/her standard deduction amount
d. The amount of tax-exempt interest received by a taxpayer could impact the amount of his/her Social Security benefits that are subject to taxation
Assume that Tamella received some unique payments in 2013. Which of the following items may Tamella exclude from gross income?
a. $75,000 of punitive damages received from a lawsuit against Big Company, Inc.
b. $500 received from her NCAA basketball pool winnings
c. $10,000 received as a gift from Tamella’s college buddy
d. All of the above
In early 2013, Yenisey received a gift of a home valued at $500,000 (from Yenisey’s Uncle, Moses). Moses also gave Yenisey a $50,000 cash gift. During 2013, Yenisey rented the home to Mellissa. As a result of the lease with Mellissa, Yenisey earned net rental income of $20,000 (for 2013). What amount of income should Yenisey’s 2013 tax return include from these transactions?
a. $570,000
b. $70,000
c. $20,000
d. $0
Johnathan has AGI of $100,000 in 2013. During 2013, Johnathan also had an uninsured personal casualty loss of $25,000 (after the $100 reduction). The personal casualty loss related to an accident that Johnathan had with Pedro. Johnathan carried no collision insurance and Pedro was also an uninsured motorist. Assume Johnathan itemizes deductions in 2013. What is the casualty loss amount that Johnathan may deduct on his return?
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